Who pays taxes on a condo in Staten Island ny?

In Staten Island, New York, the responsibility for paying property taxes on a condominium (condo) typically falls on the individual unit owners. As a condo owner, you generally have ownership of the interior of your unit, while common areas and facilities such as hallways, elevators, and the building exterior are owned and managed by the condo association or homeowners association (HOA).

Here's a breakdown of who pays taxes on a condo in Staten Island, NY:

1. Real Estate Taxes:

- Real estate taxes are levied on the entire condo building, including both individual units and common areas.

- The condo association is usually responsible for paying the real estate taxes for the entire building.

- The condo association then allocates a portion of these taxes to each unit owner based on a predetermined formula, which may consider factors such as the unit's size, location, and value.

- As a condo owner, you will receive a tax bill from the condo association, which will include your share of the real estate taxes. You are responsible for paying this amount to the condo association.

2. Common Area Maintenance Fees:

- In addition to real estate taxes, condo owners also pay common area maintenance fees to the condo association.

- These fees cover the expenses associated with maintaining and repairing common areas, including landscaping, snow removal, building insurance, and other shared services.

- Common area maintenance fees are typically paid on a monthly or quarterly basis.

It's important to note that the specific terms and conditions regarding taxes and fees can vary depending on the condo association's governing documents and the individual condo unit's characteristics. It's always advisable to review your condo association's bylaws and financial statements before purchasing a condo or to consult with a real estate attorney to understand your tax obligations as a condo owner in Staten Island, NY.